In September 2008, the Federal Reserve Board approved Morgan Stanley's application to become a bank holding company. The investment bank highlighted its new access to the Fed's discount window "and other funding opportunities." Morgan Stanley's Utah-based industrial bank became a national bank. The company vowed to expand the retail banking services offered to its retail customers and build its core deposits from an Aug. 31, 2008 base of $36 billion.

Then in November of last year, it announced the appointment of Cece Sutton as president of the new retail banking group. Bank deposits grew to $46.8 billion by the end of the first quarter of 2009. By the end of June deposits had more than doubled to $105.7 million.

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